Congress to hold countrywide protest on demonetisation anniversary, demands PM Modi's apology for 'ruining and wrecking' economy

The Congress on Tuesday said it will hold a nationwide protest on November 9 which marks the second anniversary of demonetisation. The party has furthermore demanded Prime Minister Narendra Modi's apology to the people of India for "ruining and wrecking" the economy of the country.

“Congress leaders and workers are expected to be out on the streets to demonstrate their protest against the "complete demolition" of the Indian economy, unleashed by the "Tughlaqi farmaan" of demonetisation two years ago,” Congress spokesperson Manish Tewari said at a press conference on Tuesday.

Stating that the Prime Minister stood up two years ago on November 8 and addressed the nation declaring the demonetisation of almost Rs 16.99 lakh crore rupees in circulation, the Congress spokesperson compared PM Modi’s demonetisation declaration to controversial 14th century king Muhammad bin Tughlaq’s outlandish monetary reforms to mint brass and copper coins with monetary values similar to that of traditional gold and silver currency.

"There is more cash in circulation in the Indian economy today than it was on November 8, 2016. So, under those circumstances, the Indian National Congress would like to demand that on November 8, 2018, exactly at that point in time when the prime minister two years ago had issued this Tughlaq-like farmaan, he must stand up and apologise to the people of this country for ruining and wrecking the Indian economy," Tewari said.

Demanding to know results of the demonetisation, Congress's Manish Tewari said:

“The three reasons given for that "Tughlaqi farmaan" were that it would curb black money, weed out fake notes and proscribe terror financing, but two years later none of those objectives have materialised.”

On being questioned about the participation of Congress president Rahul Gandhi in the rally on the second anniversary of demonetisation, he revealed that all leaders and party workers will take part in the protest on November 9. 

While the decision to ban the high-value currency notes was taken on November 8, 2016, Congress party decided to hold the protest in all district headquarters across the country, a day after the demonetisation anniversary, in view of the festival season.

READ: From Rafale To Demonetisation, Congress President Rahul Gandhi Attacks BJP, PM Modi During His Rally In Wardha

On August 2018, the Reserve Bank of India, in its 2017-18 Annual Report, revealed that 99.3% of the total value of demonetised currency that was in circulation at the time of demonetisation, has been returned, via various mechanisms, to the RBI.

"In its annual report, India's central bank stated that the total value of the demonetised currency, namely the old Rs 1000 and Rs 500 notes, on the day of demonetisation's announcement, i.e. November 8, was Rs. 15,417.93 billion (Rs. 15,417,930,000,000), while the total value of the notes, referred to as SBNs or Scheduled Banknotes, that have been returned from circulation is Rs. 15,310.73 billion.”

READ: RBI On Demonetisation: Of Total Value Of Demonetised Notes On November 8, 2016, Currency Equivalent To 99.3% Has Been Returned

(With inputs from PTI)